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IFC provides $75-million loan to SunPower

May 13, 2010


May 12, 2010, 9:36pm

The International Finance Corporation will be providing a $75 million loan to US-based SunPower Corporation in support of its Filipino solar cell manufacturing operations.

In a statement, the World Bank Group member said the investment is expected to spur the use of solar power globally, support local economic growth and sustain the many skilled jobs that the company has created in the Philippines.

IFC’s loan will provide funding to SunPower’s 108-megawatt (MW) solar cell and module manufacturing plant in Laguna and a 466-MW solar cell fabrication facility in Batangas.

“The investment in SunPower is part of IFC’s climate change strategy that supports the scaling-up and cost-competitiveness of renewable energy sources to reduce greenhouse gas emissions,”  Dimitris Tsitsiragos, IFC director for Global Manufacturing and Services said.

“IFC has been investing in the Philippines for over 40 years, mainly in financial services and infrastructure sectors. Therefore, this investment represents an opportunity for IFC to broaden its developmental impact in the country,” he added.

Investing in the solar photovoltaic supply chain is a critical part of IFC’s climate change strategy, as solar energy is a reliable source of carbon-free electricity that can be used in grid-connected and off-grid applications.

“SunPower is looking forward to a growing relationship with IFC,” Dennis Arriola, SunPower executive vice president said.

“This partnership will enable us to drive further improvements to our manufacturing processes, which will allow us to continue delivery of our high-efficiency solar cells to the global market,” Arriola added.

IFC is the only international financial institution exclusively focused on the private sector, the engine of sustainable development in emerging markets.

Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries – including by supporting a renewable energy projects to help fight the effects of climate change in developing countries.

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